The global bunker fuel market is expected to grow at a CAGR of around 3.2% from 2020 to 2027 and expected to reach the market value of around US$ 182.5 Bn by 2027.
Bunker fuel is a term used to indicate the fuels that are used to power engines of ships. The tanks where fuel is filled in the ships are called bunkers. Furthermore, bunkering is the process of supplying fuel for the use by ships and it also includes the shipboard logistics of loading fuel and distributing it among available bunker tanks.
The continuously expanding international seaborne trade along with the rapid technological development in different types of vessels and respective engines are driving the market growth. The increasing oil & gas exploration activities at deep offshore locations that require offshore vessels to perform these activities are boosting the global bunker fuel market value. The shifting trend in the transportation industry from conventional sources to much cleaner and affordable sources like LNG is additionally bolstering the market value. Furthermore, the rising environmental concern and favorable government initiative for the generation of energy from cleaner fuels are likely to create potential opportunities over the forecast period.
On the other hand, the implementation of the IMO 2020 regulation associated with the use of high sulfur content fuel owing to the environmental concern is expected to limit the growth over the forecast period from 2020 to 2027.
High Sulfur Fuel Oil (HSFO) segment dominated the global market
In 2019, High Sulfur Fuel Oil (HSFO) segment registered a major share (%) in the global market. Moreover, the segment is projected to experience a decline in the estimated period and very low sulfur fuel oil (VLSFO) segment is projected to experience the fastest growth over the forecast timeframe from 2020 to 2027. The global initiative to move towards the cleaner alternatives owing to the increasing environmental concern is supporting the fastest growth of VLSFO.
The market research study on “Bunker Fuel Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global bunker fuel market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Bunker Fuel market, its fuel type, end-user, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global bunker fuel market size and volume, and segment markets by fuel type, end-user, and geography along with the information on companies operating in the market. The bunker fuel market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific is leading the global Bunker Fuel Market
In 2019, Asia Pacific held the major share and the region is also projected to maintain its dominance over the forecast timeframe. The rapid industrialization and expanding global trade is supporting the market value. Additionally, the major economies including China and Japan are majorly supporting the market value. The technological advancement and expanding deep shore exploration activities are additionally accelerating the market value. Moreover, the region is also projected to exhibit the fastest growth over the forecast timeframe from 2020 to 2027.
The players profiled in the report include Bomin Bunker Oil Corp, BP PLC, Bunker Holding A/S, Chemoil Energy Limited, Exxon Mobil Corporation, Gac Bunker Fuels Ltd, Gazpromneft Marine Bunker LLC, KPI Bridge Oil A/S, Lukoil-Bunker LLC, and Royal Dutch Shell Plc.
Market By Fuel Type
Market By End-User
Market By Geography
Middle East & Africa
Bunker fuel is a term used to indicate the fuels that are used to power engines of ships.
The continuously expanding international seaborne trade, technological development in different type of vessels and respective engines, increasing oil & gas exploration activities, shifting trend in the transportation industry are some of the factors driving the market growth.
According to Acumen Research and Consulting, the bunker fuel market value is expected to reach of around US$ 182.5 Bn by 2027.
The market for bunker fuel is expected to grow at a CAGR of around 3.2% from 2020 to 2027.
High Sulfur Fuel Oil (HSFO) is the leading segment by fuel type in the bunker fuel market.
Bomin Bunker Oil Corp, BP PLC, Bunker Holding A/S, Chemoil Energy Limited, Exxon Mobil Corporation, Gac Bunker Fuels Ltd, Gazpromneft Marine Bunker LLC, KPI Bridge Oil A/S, Lukoil-Bunker LLC, and Royal Dutch Shell Plc. are the prominent players in the market.
Asia Pacific held the highest market share in the bunker fuel market.